Millions of people will have to work an extra year as the pension age rises to 68

The government has accelerated plans to increase the pension age, as rising life expectancy continues to put pressure on the public purse.

Work and Pensions Secretary David Gauke announced the change on Wednesday, pointing out that paying for pensions for longer presents a challenge for the government.

Under the plans, the pension age rises from 67 to 68 from 2037 and 2039, seven years earlier than planned. Under current rules, the increase had originally been set to be phased in between 2044 and 2046.

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The change will affect workers born between April 6 1970 and April 5 1978, which The Telegraph estimates to be six million people.

This means those who are currently aged between the ages of 39 and 47 will have to work an extra year before they can claim their state pension. Those who are younger than 39 will have to wait to find out what their pension age will be, as the government announced it will be regularly reviewed.

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Gauke said 'there is a balance to be struck' between funding pensions while also ensuring fairness for future generations.

But the Labour party has described the move as 'astonishing' and Age UK said the change 'will have a real impact' for people in midlife and younger.

'In bringing forward a rise in State Pension age by seven years, the government is picking the pockets of everyone in their late 40s and younger, despite there being no objective case in Age UK's view to support it at this point in time,' said Caroline Abrahams, Charity Director at Age UK.

'Indeed, it is astonishing that this is being announced the day after new authoritative research suggested that the long term improvement in life expectancy is stalling.'

The Department of Work and Pensions said the number of people over state pension age is expected to grow by a third between 2017 and 2042, from 12.4 million in 2017 to 16.9 million in 2042.

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